First close for Synova Capital Fund I LP
Synova Capital Fund I LP (the "Fund"), a UK private equity fund focused on the lower mid-market, is pleased to announce its first close.
The manager of the Fund, Synova Capital LLP ("Synova Capital"), began the fund raising during September 2007. In less than three months Synova Capital has secured over £70m of investor commitments out of a total of £100m that it is seeking to invest in the UK mid-market. The Fund will invest in UK growth opportunities with particular focus on companies valued at between £10m and £50m. Key verticals for the Fund include business and support services, financial services, leisure and healthcare.
The Fund's cornerstone investor is Tamares Capital Corporation ("Tamares"). This is part of the Tamares Group's global investment business which is led by Poju Zabludowicz. The Fund's other key investors are drawn from a mixture of global financial institutions and large family offices.
Synova Capital was founded by Philip Shapiro and David Menton. Prior to this, Philip Shapiro was a senior executive at the UK mid-market investor, Phoenix Equity Partners, and David Menton was responsible for UK private equity opportunities within the Tamares Group.
Philip Shapiro, Managing Partner of Synova Capital, said: "We are delighted to have raised over 70 per cent. of our target in less than three months and to have attracted a high quality investor base capable of supporting the Fund in the long term."
Poju Zabludowicz, Chairman of Synova Capital, remarked: "I am confident in the opportunities in the UK mid-market going forward, in terms of both the quality of assets available and the extremely attractive deal sourcing dynamics. Philip and David have excellent track records and are well positioned to exploit these opportunities."
